TerraCap Management has turned over ownership of Crestmont Residences, a 228-unit apartment complex at 500 Williams Drive in Marietta, to its lender, CBRE Global Investors. The transfer was recorded this month and moves the garden-style community off the Florida-based investor’s books and into the lender’s control.
Deed-In-Lieu Recorded, Lender Takes Title
According to Bisnow, TerraCap conveyed Crestmont through a deed-in-lieu of foreclosure filed with the Georgia Superior Court Clerks’ Cooperative Authority. Tax documents list CBRE Global Investors as the recipient and show an approximate transfer value of $35.8 million, or roughly $157,000 per unit. The loan tied to the property was scheduled to mature on March 9, 2026, and Cobb County records cited in the filing put the county assessment at about $12.9 million for 2025.
Price Paid And Debt Timeline
Public sale records indicate TerraCap acquired Crestmont in December 2021 for about $49.9 million, per Redfin. In early 2022, CBRE arranged a $38 million floating-rate acquisition loan for the deal, with an initial four-year term and options to extend, according to REBusinessOnline. Marketing materials at the time described Crestmont as a circa-1986 class-C community with one- and two-bedroom units.
Rising Refinancing Stress
CRED iQ’s April 2026 analysis put multifamily CMBS distress at about 11.4 percent, highlighting refinancing pressure on loans originated during the 2021 to 2022 acquisition wave. That environment has contributed to a mix of recapitalizations and lender takebacks across the sector as owners and servicers navigate maturing floating-rate debt, according to CRED iQ’s research.
Local Experts See More Takebacks Ahead
Local investors say the Crestmont transfer fits a broader storyline. “I do think it’s going to be a more common story in ’26 than we’ve seen in prior years,” Lisa Hurd told Bisnow, which also reports that TerraCap lost another Atlanta asset in 2024. Bisnow quotes Ladson Haddow saying many owners recapitalized quietly to avoid headline foreclosures, which in turn reduced the number of public repossessions visible in the market.
What A Deed-In-Lieu Means For Residents
A deed-in-lieu of foreclosure allows a borrower to voluntarily transfer title to the lender as an alternative to a formal foreclosure process, and lenders may, in some cases, waive deficiency claims or offer relocation assistance, the Consumer Financial Protection Bureau explains. Tenants typically remain covered by existing leases while a new owner or servicer decides whether to operate, reposition, or sell the property, although residents are advised to watch for official notices from management or the county.
CBRE now holds title to Crestmont. Whether the firm will operate the community directly, appoint a new manager, or market the property for sale has not been disclosed. Neighbors and renters are expected to learn the next steps if and when the lender files a formal notice of transfer or names a new manager for the complex.
